Thirty Madison closes $47M funding round and adds new member to board of directors

The funds will help the company to “further innovate in the digital healthcare space,” through expanded availability of its services and by launching new brands.
By Mallory Hackett
11:08 am
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Digital health company Thirty Madison recently announced the closing of a $47 million Series B funding round. It was led by Polaris Partners, but also had participation from new investor Johnson & Johnson Innovation and existing investors Maveron and Northzone.

With the closing of this round, Thirty Madison has now raised $70 million.

The company also announced the appointment of Amy Schulman, a managing partner at Polaris Partners, to Thirty Madison’s board of directors.

WHAT IT DOES

Founded in 2017, Thirty Madison focuses on treating chronic health conditions through telemedicine. The company comprises three different brands, each targeting a different condition.

Through virtual doctor visits, users can order a range of drug treatments for each chronic condition it serves.

Keeps, the original brand, treats hair loss through a range of products from oral medications to topical treatments. Cove launched in early 2019. It offers migraine treatment through online doctor visits. Patients can purchase a variety of acute, preventative and anti-nausea medications, along with natural supplements designed to help manage their migraines. Finally, Evens launched at the end of 2019 as a telehealth treatment option for acid reflux. Users can receive a personalized treatment course delivered directly to their homes.

WHAT’S IT FOR

The company plans to use this money to make chronic condition management easier and more enjoyable for patients.

It says that the funds will help the company “further innovate in the digital healthcare space” through expanded availability of its services and by launching new brands to treat more conditions.

MARKET SNAPSHOT

Other consumer-facing digital health clinics include Ro and Hims. Both companies started out as men’s health-and-wellness platforms targeting conditions like hair loss and erectile dysfunction.

Recently, Ro raked in a massive Series C funding round of $200 million, making the company valued at $1.5 billion.

Hims also made news recently via a report indicating that it might go public. According to the report from Reuters, the startup is weighing a potential sale to an unnamed special purpose acquisition company (SPAC) – a "blank-check company" that uses the proceeds of an IPO to acquire or merge with another business. The deal would value Hims at over $1 billion.

It also recently began a partnership with the digital pharmacy Alto for patients to receive free, same-day receipt of medications.

Singapore-based Healint also has a digital approach to treating migraines with its app Migraine Buddy. In 2018, the company teamed up with Novartis on a study about how migraines interact with anxiety and depression. The research found that chronic migraines may induce anxiety and depression, instead of the other way around, contradicting previous thought.

More recently, Healint began a partnership with Vsee Lab, a video telehealth company, to offer Migraine Buddy users direct access to their preferred healthcare professionals through their smartphones.

ON THE RECORD

“As the former president of Pfizer Consumer Healthcare, Amy has had a transformative influence on the consumer healthcare space, and we are thrilled to have her leadership and guidance on our board of directors,” Steven Gutentag, cofounder and CEO of Thirty Madison, said in a statement. “With this funding, we will further expand our availability to deliver expert care as well as launch new brands to treat more of the conditions Americans face.”

 

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